October Home Sales Pick Up Slightly in Kitchener Waterloo and Cambridge
I hope you had a great Halloween with all the Trick or Treater’s and have been enjoying the nice weather we have had over the past few weeks.
The stats are out for October, there were 559 homes sold representing an increase of 12.2 per cent compared to the previous year and a decline of 24.4 per cent compared to the previous 5-year average for the month.
Homes sales in the Waterloo Region were up over last October’s record low but are still subdued, with the Bank of Canada holding its policy rate at 5 per cent, and I will be watching to see what the Bank of Canada does at their next scheduled announcement on December 6, 2023.
Total residential sales in October included 329 detached (up 6.1 per cent from October 2022), and 129 townhouses (up 51.8 per cent). Sales also included 64 condominium units (down 3.0 per cent) and 32 semi-detached homes (no change).
In October, the average sale price for all residential properties in Waterloo Region was $767,848. This represents a 0.6 per cent increase compared to October 2022 and a 0.1 per cent increase compared to September 2023.
- The average price of a detached home was $890,591. This represents a 1.1 per cent increase from October 2022 and an increase of 0.1 per cent compared to September 2023.
- The average sale price for a townhouse was $644,511. This represents a 1.4 per cent increase from October 2022 and an increase of 0.7 per cent compared to September 2023.
- The average sale price for an apartment-style condominium was $476,166. This represents a decrease of 2.6 per cent from October 2022 and a decrease of 4.8 per cent compared to September 2023.
- The average sale price for a semi was $658,133. This represents an increase of 5.7 per cent compared to October 2022 and a decrease of 2.4 per cent compared to September 2023.
| MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | October 2023 | Monthly % Change | Yr./Yr. % Change | October 2023 | Monthly % Change | Yr./Yr. % Change |
| Composite | $725,100 | -1.3 | -0.1 | $751,100 | 1.3 | 3.3 |
| Detached | $822,900 | -1.2 | 1.2 | $779,300 | 1.7 | 4.0 |
| Townhouse | $623,500 | -1.1 | 2.0 | $670,800 | -1.0 | 2.2 |
| Apartment | $466,600 | -1.8 | -3.6 | $499,200 | -0.5 | -2.5 |
While sales are down, we are seeing an increase in the number of homes available for sale, which is good news for buyers. However many prospective buyers have been sidelined by higher borrowing costs and selling prices that continue to demonstrate resilience.
There were 1,133 new listings added last month, an increase of 36.0 per cent compared to October last year and a 20.2 per cent increase compared to the previous ten-year average for October.
The total number of homes available for sale in active status at the end of October was 1,408, an increase of 53.4 per cent compared to October of last year and 13.0 per cent above the previous ten-year average of 1247 listings for October.
There were 2.5 months of inventory at the end of October, a 92.3 per cent increase compared to last year and 35.1 per cent above the previous 10-year average. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.
The average number of days to sell in October was 21, compared to 22 days in October 2022. The previous 5-year average is 19 days.
Average Sales Price – Municipality
Average Sales Price – Township
Monthly Sales By Property Type
Monthly Supply of Homes for Sale
Monthly Median Sales Price – By Property Type
Monthly Average Sales Price – By Property Type
Monthly Average Days on Market
If you are thinking of buying or selling before christmas, wondering what your neighbor’s home sold for, or have any questions at all, give me a call or text at 519-497-4646 or shoot me an email at kevinbakerrealestate@gmail.com
Have a great November!
Kevin
4th Straight Record Setting Month for Condo Sales in Waterloo Region
Hope you had a great week and are looking forward to the nice weekend weather coming up. Enjoy them while you can as i am sure the snow is coming sooner than we would like.
It was the 4th record month in a row for monthly home sales in Kitchener Waterloo. The market is a very heated sellers market for sure with record prices seeminly coming up everyday.
There were 691 residential homes sold in October, the most ever recorded for the month. October’s home sales represented an increase of 28 per cent compared to the same month last year, and a decrease of 9.6 per cent compared to the previous month. The previous ten-year average number of residential sales for October is 471.
Total residential sales in October included 417 detached homes (up 25.6 per cent from October 2019), and 94 condominium apartments (up 34 per cent). Sales also included 134 townhouses (up 26.4 per cent) and 46 semi-detached homes (up 48.3 per cent).
The average sale price of all residential properties sold in October increased 19.4 per cent to $635,301 compared to the same month last year, while detached homes sold for an average price of $742,596 an increase of 21.7 per cent. During this same period, the average sale price for an apartment-style condominium was $395,627 for an increase of 14.8 per cent. Townhomes and semis sold for an average of $499,641 (up 15.6 per cent) and $539,434 (up 16.6 per cent) respectively.
The median price of all residential properties sold in October increased 19.2 per cent to $595,000 and the median price of a detached home during the same period increased 20.5 per cent to $686,000.
Real Estate continues to be one of the few shining lights to help Ontario’s economy recover from the pandemic. We’re continuing to see more buyers than sellers, including additional buyers migrating here from out of the region looking for the quality of life this region offers.
There were 783 new listings added last month, an increase of 16 per cent compared to October of last year, and 11.5 per cent more than the previous ten-year average for October.
The number of Months Supply (also known as absorption rate) continues to be very low at just 1 month for the month of October. The previous ten-year average supply of homes for October was 3.2 months, and in the past 5 years, the average supply for October was 1.8 months.
I can say unequivocally we are seeing strong demand from GTA buyers. What people want and need in a home, and where they want to be located has been redefined in a very short period. Waterloo region is quite rightly, a highly desirable place to own a home.
The average days to sell in October was 13 days, compared to 23 days in October 2019.
If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca.
Have a wonderful weekend and stay safe!
Kevin
KW Condos and Lofts.com 